British Caymanian Insurance Company is pleased to announce that Joshua S. Bernard, Life Insurance Consultant, has been accepted into the Million Dollar Round Table (MDRT) Association. The MDRT is a professional trade association that was formed in 1927 to help insurance salespeople and financial advisors establish best business practices and develop ethical and effective ways to increase client interest in financial products, specifically risk based products like life insurance, disability and long term care.

Joshua has worked at BritCay for 7 years and believes that the most important reason for having life insurance is to ensure that people are prepared for the unexpected and to have a succession plan in place. ‘Only life insurance can provide income replacement and mortgage protection,’ Joshua said.

He continued on by saying, ‘In addition, many entrepreneurs, do not think about the possible consequences to their business and family if something was to happen to them or to one of their partners? Key man insurance and buy sell agreements can protect the interests of everyone involved. He explained that key man insurance coverage in a business involves purchasing a life insurance policy on each of the partners in the small business. The policy would name the business as the beneficiary and provide the funding needed to keep the business operating if one of the partners was no longer alive. A buy-sell agreement would specify the exact terms and conditions that the shares in the company can be sold or transferred to another individual, and details that will enable the business to purchase outstanding shares from the estate of a deceased partner.

Joshua can’t reiterate enough how important it is to have plans in place to protect your investment, your business partners, and the best interests of the family members of everyone who has an ownership interest in the company.  That is why business insurance planning that includes a sufficient amount of key man insurance coverage is so important. No one wants or expects something bad to happen to one of their business partners, but the reality is that none of us knows what the future holds. When you have key man insurance and buy-sell agreements in place, you’ll be financially prepared to allow your business the opportunity to continue to move forward, even in the event of a worst case scenario.

For more information on life insurance, feel free to contact Joshua at 914-9847 or by email on [email protected].